Sensex settles above 84,540; banks, auto, steel stocks rally the most

New Delhi: Sensex and Nifty settled at all time high levels on Friday. The 30 constituent Sensex ended the day’s trading session at 84,544 points, while, the broader index Nifty settled above 25,790  points. During the day, the former surged more than 1300 points, while, the latter closed 375 points higher. Both the benchmark indices closed 1% higher on Friday.

Banking, Auto, Metal Scrips Surge

Stocks like Mahindra & Mahindra, JSW Steel, ICICI Bank, Larsen & Toubro, Bharti Airtel, Nestle, Adani Ports, Hindustan Unilever, HDFC Bank, Tech Mahindra, Maruti, Kotak Mahindra Bank and Tata Steel were the biggest gainers amongst the Sensex pack. The rally was mostly led by banking, auto and metal stocks. Nifty Auto finished the trading session 1.88% higher while the Nifty Metal was 1.65% higher.

The rally was broad based. The BSE SmallCap index jumped 1.37% and midcap index skyrocketed 1.16%.

BSE Rides On Global Surge

The rally in India’s benchmark indices was in line with global counterparts. Along with Japan’s Nekkei 225, other stock market indices in Tokyo, Seoul and Hong Kong were also in green on Friday.
The US markets also closed higher on Thursday after the US Central Bank Federal Reserve cut interest rates by 50 basis points to 4.75%– 5%. The equity market all around the world has positively taken Fed’s interest rate cut decision. India’s equity indices had made high levels yesterday also.

FIIs Offloads Rs 2,500 Crore

Albeit, Foreign Institutional Investors (FIIs) were net sellers of India’s domestic equities on Thursday. They had offloaded equities worth around Rs 2,500 crore. Global oil benchmark Brent crude on the other hand was down 0.23% on Friday and traded at $74.71 per barrel.
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